ONGC Videsh, the international branch of Oil and Natural Gas Corporation, has been granted an extension for five projects in Myanmar, Bangladesh, Vietnam, South Sudan, and Columbia. This will give the company more time to investigate and advance its growth plans. ONGC Videsh has extended some of its projects, and some of those projects have already begun production. The likelihood of discovering fresh discoveries in the exploration acreages increases with an extension. In 32 oil and gas projects in 15 nations, ONGC Videsh has ownership interests. In some circumstances, the operator is in charge of
all stakeholders' exploration and production operations. Production has increased in the CPO-5 block in Colombia, which is operated by ONGC Videsh, and is shortly anticipated to reach 25,000 barrels per day, according to a person with knowledge of the situation. Similar to how output has substantially increased at its operations in South Sudan following a disastrous flood last year.
For many years, ONGC Videsh has operations in Myanmar, Bangladesh, Vietnam, South Sudan, and Columbia. While working on other initiatives, it is searching for a commercially viable discovery. In certain projects, it has made discoveries and put them into production. Due to the country's security situation, the large Mozambique gas project in which ONGC and a few other state-run Indian businesses are invested has not yet begun.
However, ONGC Videsh would prefer fields that are already producing or may do so in the near future. The company has been exploring to engage in new oil and gas projects in West Asia, Africa, and South America. The corporation is attempting to lower its risks by investing in projects with near-term monetisation potential and by working with international companies in projects because it doesn't want to be left with stranded assets when the market for fossil fuels sharply switches to other forms of energy.
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